BUENOS AIRES, Argentina - The stock market in Argentina crashed on Monday, losing more than third-of-its value. while the Argentine peso dived causing the central banbk to intervene.

The key index on the Argentine Stock Exchange, the Merval, collapsed after a primary election saw a significant swing to the opposition, seen as a challengine to the government of Argentine President Mauricio Macri.

Macri is facing stiff opposition from opposition candidate Alberto Fernandez and his running mate, former president Cristina Fernandez.

The MERVAL index fell a massive 16,824.29 points, or 37.93%, to close at 16,824.29.

The peso dived by 30%, but had managed to trim the day's losses to 15% by the end of the day, which was marked by extreme volatility.

The crash in the stock and currency markets, which spread to the bond market is putting Argentina's financial system under threat, for the first time since the country defaulted on its current debt causing a financial crisis, in 2001.